Effective December 1, 2007, Genzyme Corporation (“Genzyme”) and its subsidiary acquired the diagnostics division of Diagnostic Chemicals Limited (“DCL”) for approximately $53 million. The diagnostics division of DCL includes a line of more than 50 formulated clinical chemical reagents and operations in Prince Edward Island and Connecticut.
DCL is a privately-held company headquartered in Prince Edward Island. DCL, which, pursuant to the transaction, has changed its name to BioVectra Inc., will continue to operate its bio-pharma division, which researches and manufactures synthetically challenging chemicals, bio-chemicals, intermediates and active pharmaceutical ingredients.
Genzyme is one of the world's leading biotechnology companies with 2006 revenues of over US$3.2 billion and is publicly traded through the NASDAQ. Genzyme's products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant, and diagnostic testing. The acquired business will be integrated into the Genzyme Diagnostics business unit.
Diagnostic Chemicals Limited was represented in-house by Valerie Deighan, Associate General Counsel, and by Paul Kiley of Stewart McKelvey.
Genzyme was represented in-house by Elizabeth McEvoy, General Counsel, and by Borden Ladner Gervais LLP with a team consisting of Paul Mingay, Michael Tripp and Shaunik Katyal (M&A), Sonia Mak and Amanda Darrach (pensions and benefits), Michael Fitzgibbon and Lisa De Piante (employment), Ziad Katul (IP), Larissa Tkachenko and Beverly Gilbert (tax), Eric Dufour (Investment Canada), and Bonnie Freedman (privacy).
Wendy Reid and Karen Campbell of Cox & Palmer assisted Borden Ladner Gervais LLP with the Prince Edward Island legal aspects of the transaction.
Edwards Angell Palmer & Dodge LLP acted as US counsel to Genzyme with a team led by John Pickett.